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Outstanding and Weighted Average Common Shares
12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Outstanding and Weighted Average Common Shares
16.  Outstanding and Weighted Average Common Shares
The Net income (loss) and weighted average number of common shares used in basic and diluted earnings per share computation were as follows:
 202020192018
 (In millions except per share amounts)
Net Income (Loss) Attributable to Hess Corporation Common Stockholders:   
Net income (loss)$(2,839)$(240)$(115)
Less: Net income (loss) attributable to noncontrolling interests254 168 167 
Less: Preferred stock dividends 46 
Net income (loss) attributable to Hess Corporation Common Stockholders$(3,093)$(412)$(328)
Weighted Average Number of Common Shares Outstanding:
Basic304.8 301.2 298.2 
Effect of dilutive securities
Restricted common stock — — 
Stock options — — 
Performance share units — — 
Mandatory convertible preferred stock — — 
Diluted304.8 301.2 298.2 
Net Income (Loss) Attributable to Hess Corporation per Common Share:
Basic$(10.15)$(1.37)$(1.10)
Diluted$(10.15)$(1.37)$(1.10)
Antidilutive shares excluded from the computation of diluted shares:
Restricted common stock2.1 2.2 2.9 
Stock options4.3 4.7 5.5 
Performance share units1.1 1.7 1.1 
Common shares from conversion of preferred stock — 12.7 
The following table provides the changes in our outstanding common shares:
 202020192018
 (In millions)
Balance at January 1304.9 291.4 315.1 
Conversion of preferred stock 11.6 — 
Activity related to restricted stock awards, net1.0 0.9 0.8 
Stock options exercised0.3 0.7 0.6 
PSUs vested0.8 0.3 0.1 
Shares repurchased — (25.2)
Balance at December 31307.0 304.9 291.4 
Preferred Stock Issuance:
In February 2016, we issued depository shares representing 575,000 shares of 8% Series A Mandatory Convertible Preferred Stock (Preferred Stock), par value $1 per share, with a liquidation preference of $1,000 per share. On January 31, 2019, the Preferred Stock automatically converted into shares of common stock and the net number of common shares issued by the Corporation was approximately 11.6 million shares.
Common Stock Repurchase Plan:
In 2018, we repurchased 25.2 million shares of our common stock for $1,380 million at an average cost per share of $54.85.  At December 31, 2020, we are authorized, but not required, to purchase additional common stock up to a value of $650 million.
Common Stock Dividends:
In 2020, 2019 and 2018, cash dividends declared on common stock totaled $1.00 per share ($0.25 per quarter).